Goodyear posts opening quarter loss

qiangzi

Goodyear, despite posting record sales for the opening quarter of 2012, has recording an overall Q1 loss.

/ K7 c9 w$ `  Q* d. w* lComparing the same market period from 2011, Goodyear’s sales were US$5.5 billion, around 2% up from the 2011-quarter. However, total unit sales were 8% down to around 43 million units.
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9 ?7 N! M5 m8 z# H& T( cGoodyear states that this is indicative of a weak industry demand in many markets, and mirrors figures for 2010.

- ?) Z# u. ~, ^  f: J“I'm pleased with our results as our businesses posted solid operating income," said Richard J. Kramer, chairman and chief executive officer. "Our teams delivered these results in the face of a difficult volume environment and high raw material costs, with a strong focus on price/mix.
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, ~+ `) M; _: E+ e/ t$ M6 A0 M/ p"Our first quarter results demonstrated a consistent focus on our global Strategy Roadmap," Kramer added. "We have positive momentum and I remain confident that we will reach our 2013 targets."
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0 e1 [/ \( a( K6 Z) dAs a result of the continuing global economic weaknesses, Goodyear has reforecast its long-term growth, stating that it expects it to continue, but at ‘a slower pace than previously thought’. Goodyear state that its 2012 tire unit sales to be around 2% below that of 2011